March 6, 2026

Stocks sank, volatility picked up and oil prices surged to their highest level since mid-2024 as concerns about a prolonged war with Iran continue to roil markets.

The Dow closed lower by 785 points, or 1.61%, recouping some losses in the afternoon after briefly falling more than 1,100 points. The S&P 500 sank 0.56% and the tech-heavy Nasdaq fell 0.26%, paring earlier losses but finishing the day slightly lower…

Stocks tumbled sharply as fears of a prolonged war with Iran intensified, pushing volatility higher and sending oil prices to their highest levels since mid-2024. The Dow plunged 785 points, retracing some losses after a steep drop, while the S&P 500 and Nasdaq also ended lower despite afternoon recoveries. US crude surged 8.5% to over $81 per barrel, marking its biggest single-day gain since 2020, and Brent crude gained nearly 5% to $85.41 amid concerns over disrupted oil flows through the Strait of Hormuz, a critical chokepoint that normally handles 20% of global oil supplies daily but saw zero tanker transits amid the conflict, as insurers and shipping firms avoid the risk.

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